Bailout bill fails

Superfreak said:
damn plexiglass shit won't break.... bastards!!!

:)
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I don't know if you have been reading Krugman's blog, it's on the Ny Times site, Conscience of a liberal. but he is saying he believes it was Paulson's decision to let Lehman go belly up that was the big mistake.
 
McCain is an idiot. His party followed the will of the people, while the Dems opposed it. He should be taking credit.
 
The people who voted the bill down may have done it for the wrong reasons, but IMO they did the right thing. Yes, not passing the bill is going to extend a serious economic crisis. Yes it will take us a while - maybe even several years - to climb out of the hole if we let a big chunk of the banking system go down in flames. Yes it will be a tough time for many.

But the fact is the economy we have been dependent on for the last several decades is a house of cards built on a cracked foundation. An economy based on credit simply cannot be stable, period. That is why it fluctuates so much, why it needs constant adjustments and fixes of various types, and why the need for adjustments and fixes has been accelerating, and various the fixes and adjustments have been lasting for shorter periods before another fix is needed.

When an earthquake damages the foundation of a house causing the walls to slump, it cannot simply be patched back together on the bad foundation. But that is exactly what the bailout bill would do. It would be patching back together a bad economic structure on a cracked foundation.

As tough as it would be, we DO have the capability to weather the storm of NOT bailing out the current system. It would be a tough long haul, but we can do it. But we need to get out of the idea that we have to buy everything on credit. A cash economy is much more stable, and allows, in the long run, much more buying power for a given income. They keep talking about how this or that tax break/refund package will stimulate the economy by giving the people spendable cash. Imagine what the economy would look like if even 50% of the money currently spent on interest charges paying off debt and/or maintaining credit were freed up to be spent buying things instead of credit.

Additionally (for those free market advocates) the fact that a cash economy is inherently more stable, there would be less need for regulations, adjustments, fixes and other types of government interference.

We have the choice, right now, of taking a path to a more solid foundation and resulting stronger economy, or the path of slapping another patch on a crumbling structure and leave it to the next generation to deal with the next crisis.
 
RStringfield said:
McCain is an idiot. His party followed the will of the people, while the Dems opposed it. He should be taking credit.
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No. Those polls are changing, fast. Americans are not sure this is the right bailout, but they want something done. This was very predictable. As the DOW fell, and Americans started watching their 401k's disappear, of course they were going to change their minds. Republicans knew this. That's why they were counting on this bill to pass, but with largely Democratic support. If it passed, the DOW never crashes, Americans never get on board, and the Dems are left holding the bag of a failed Republican economy.

For once, the R's got bamboozled. The bill didn't pass, the Democrats, who had majority support for this, are seen as having supported it, while the R's are seen as having opposed it. And americans, even though two days ago they were against this, are looking for someone to blame.

Now, who do you think that's gonna be?

LOL. Sad to say, I'm very worried, but at least if I can get a few laughs out of this. I'm half Irish. Even at wakes, we laugh. We really do, it's not a myth.
 
Darla said:
No. Those polls are changing, fast. Americans are not sure this is the right bailout, but they want something done. This was very predictable. As the DOW fell, and Americans started watching their 401k's disappear, of course they were going to change their minds. Republicans knew this. That's why they were counting on this bill to pass, but with largely Democratic support. If it passed, the DOW never crashes, Americans never get on board, and the Dems are left holding the bag of a failed Republican economy.

For once, the R's got bamboozled. The bill didn't pass, the Democrats, who had majority support for this, are seen as having supported it, while the R's are seen as having opposed it. And americans, even though two days ago they were against this, are looking for someone to blame.

Now, who do you think that's gonna be?

LOL. Sad to say, I'm very worried, but at least if I can get a few laughs out of this. I'm half Irish. Even at wakes, we laugh. We really do, it's not a myth.
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so you are now for this bailout?
 
I am for a good bill, and I dont believe it has to be this week. Take your time and come up with a good bill to aid this limping economie, but also to force blame on those responsable.

Both illresponsable lenders and illresponsable borrowers.
 
Jarod said:
I am for a good bill, and I dont believe it has to be this week. Take your time and come up with a good bill to aid this limping economie, but also to force blame on those responsable.

Both illresponsable lenders and illresponsable borrowers.
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What did you consider yesterday's bill? Was it good or bad in your opinion?
 
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